The CIM Group, which acquired the 801 S. Grand building fromShuwa Investments Corp. in 2003, will be responsible for developingnew ground floor retail space and the first 10 floors of officespace. The Lee Group will turn the top 11 floors into 132 luxurycondominiums ranging from 1,066 sf to 2,094 sf to be called Sky at801.

Shaul Kuba, a CIM Group principal, says that the 801 tower'slocation is suited to both office and housing uses because of itscentral location. "Downtown needs to maintain its business basewhile adding residential units," Kuba says. Jeff Lee, president ofthe Lee Group, adds that the office tower's floor-to-ceilingwindows will provide residents with plenty of natural light and itslarge floor plates will accommodate spacious living areas. Thesales office will open at the building in July and housing unitsare expected to be complete and available for occupancy in January2006.

The 801 Tower was built in the mid-1980s, with parking, buildingsystems and elevators all designed for office use. With the dualuse planned for the new project, CIM and Lee Group will separatethe parking levels, elevator banks and entrances for the office andhousing components.